We interviewed up-and-coming investment manager Ori Eyal, founder of Emerging Value Capital Management. Ori has spent the past eight years practicing global value investing at Deutsche Bank Asset Management, Deephaven Capital Management, and Guy Spier’s Aquamarine Fund. He founded Emerging Value Capital Management in October 2008 and posted a net return of 6% as the S&P 500 fell 10% in late 2008. In 2009, Eyal’s fund posted a 37% net return, once again edging out the S&P 500 index return of 24%.
MOI Global: How did you get interested in investing and what prompted you to start your own investment firm, Emerging Value Capital Management, in 2008?
Ori Eyal: While I started out in Computer Science, I was always interested in finance and economics. Around the year 2000 I read The Essays of Warren Buffett and became a value investing addict. The basic tenets of value investing make intuitive sense to me: buying something for less than its worth, investing within your circle of competence, demanding a large margin of safety, and the power of compounding over time.
The basic tenets of value investing make intuitive sense to me: buying something for less than its worth, investing within your circle of competence, demanding a large margin of safety, and the power of compounding over time.
Ever since, I have been on a journey to learn from the masters of value investing and to develop my global value investing framework. I earned my MBA at the University of Chicago’s Booth School of Business in 2006. I then worked for Deutsche Bank as an analyst at one of their global investing funds. I also interned for several hedge funds, including Deephaven and Aquamarine.
In 2008, after a decade of developing and practicing my global value investing framework, I finally felt ready to launch my own fund, Emerging Value Capital Management (EVCM). EVCM is a long-biased global value fund. At EVCM, I strive to integrate my global value investing framework with the best practices and ideas from the value investors I have studied. My life savings are invested in EVCM fund so I “eat my own cooking.”
MOI: What are the key insights you’ve gleaned from Guy Spier, both in terms of running a fund or selecting investments? Do you share Guy’s views regarding the importance of checklists?
Members, log in below to access the restricted content.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form: